Twain Financial Partners Provides $40M Non-Recourse Construction PACE Loan For San Gabriel Hotel
FINANCED
$40,000,000
California
See Similar DealsHotel527,000 SF
Financed 04/22/2021
FINANCED
Twain Financial Partners Provides $40M Non-Recourse Construction PACE Loan For San Gabriel Hotel
101 W Valley Blvd, San Gabriel, CA, USA
See Similar DealsHotel527,000 SF
Financed 04/22/2021
Summary
CALIFORNIA
Asset Type:Hotel
Price Per Square Foot:$75
Total Square Footage:527,000 SF
Transaction Type:Loan
The property involved in the transaction is a hotel located at 101 & 111 W. Valley Blvd., 1548 & 1549 S. Del Mar Avenue & 1540 Manley Drive in San Gabriel, San Gabriel Valley. The hotel has a total square footage of 527,000.
Summary of transaction details
- Property Type: Hotel
- Transaction Amount: $40,000,000
- Loan Type: Non-Recourse Construction PACE Loan
- Loan Terms: Fixed Rate Construction - Perm Loan, 30-year term, 30-year amortization
The lender for this transaction is Twain Financial Partners, with Fran Faulknor representing the company. Jason Roth from Pacific Southwest Realty Services acted as the broker in this deal.
This transaction represents the third largest PACE loan in U.S. history. The loan amount of $40,000,000 was obtained for the construction of the hotel. The loan is non-recourse, and the terms include a fixed rate and a 30-year term with a 30-year amortization period.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$40,000,000.00
Monthly NOI$266,666.67
Monthly Debt Service$252,827.21
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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